US Treasury Secretary Janet Yellen spoke on Thursday about how large tariff increases could drive up inflation.
Presidential candidate Trump is suggesting a 10% tariff on all imports, and more than 60% on Chinese goods.
Economists believe these tariffs would raise prices.
While Yellen didn’t mention Trump directly, she highlighted the dangers of “broad, untargeted tariffs,” which could:
- Increase costs for American families
- Reduce competition among businesses
Yellen spoke at a Council on Foreign Relations event.
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Previously, Yellen was the Federal Reserve Chair before Powell. She now serves in a political role.